Jim Johnson, a manager of Democrat Barack Obama’s vice presidential search team, resigned Wednesday amid criticism over his personal loan deals, the Associated Press rerpots.
“Jim did not want to distract in any way from the very important task of gathering information about my vice presidential nominee, so he has made a decision to step aside that I accept,” Obama said in a statement. “We have a very good selection process under way, and I am confident that it will produce a number of highly qualified candidates for me to choose from in the weeks ahead. I remain grateful to Jim for his service and his efforts in this process.”
Johnson, the former chairman of mortgage lender Fannie Mae, received loans with the help of the CEO of Countrywide Financial Corp., which is part of a federal investigation in the midst of the subprime mortgage crisis. The story was first reported by the Wall Street Journal.
Republican presidential candidate John McCain had accused Obama of hypocrisy for speaking out against Countrywide’s tactics while his vetter got favorable rates on three home mortgages totaling $1.7 million.
Johnson served on Obama’s vetting team with two prominent Democratic attorneys – former Deputy Attorney General Eric Holder and Caroline Kennedy, the daughter of the late President John F. Kennedy.
